Serve Robotics (NASDAQ:SERV) Trading Up 1.2% - Here's Why

Key Points

• Serve Robotics Inc. shares rose by 1.2% to last trade at $11.77, with over 5.8 million shares exchanged, reflecting a 21% decrease in trading volume compared to its average.
• Despite a loss in EPS of ($0.36) for the last quarter, slightly missing estimates, the company reported revenue of $0.64 million, which was better than expectations.
• Analysts maintain a consensus rating of "Buy" for Serve Robotics, with a target price set at $17.75, including one analysts rating it as Strong Buy.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price was up 1.2% on Wednesday . The stock traded as high as $12.13 and last traded at $11.77. Approximately 5,891,618 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 7,483,214 shares. The stock had previously closed at $11.63.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SERV shares. Seaport Res Ptn lowered Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Singular Research upgraded Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. Finally, Wedbush started coverage on Serve Robotics in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Serve Robotics has a consensus rating of "Buy" and a consensus target price of $17.75.

Serve Robotics Stock Up 1.2%

The firm has a 50-day moving average price of $10.98 and a 200 day moving average price of $9.62. The firm has a market capitalization of $704.79 million, a PE ratio of -10.23 and a beta of -0.19.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.13). Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%.The firm had revenue of $0.64 million for the quarter, compared to analysts' expectations of $0.63 million. Equities research analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling at Serve Robotics

In other news, CEO Ali Kashani sold 164,735 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $10.33, for a total value of $1,701,712.55. Following the sale, the chief executive officer directly owned 3,434,002 shares in the company, valued at approximately $35,473,240.66. This trade represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian Read sold 10,216 shares of the stock in a transaction on Monday, August 25th. The shares were sold at an average price of $9.82, for a total value of $100,321.12. Following the completion of the sale, the chief financial officer owned 373,263 shares in the company, valued at approximately $3,665,442.66. The trade was a 2.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 325,233 shares of company stock valued at $3,532,528. Corporate insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Hedge funds have recently modified their holdings of the stock. Allworth Financial LP raised its stake in shares of Serve Robotics by 316.7% in the second quarter. Allworth Financial LP now owns 3,900 shares of the company's stock valued at $45,000 after acquiring an additional 2,964 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Serve Robotics in the first quarter valued at $49,000. KLP Kapitalforvaltning AS acquired a new stake in Serve Robotics in the first quarter valued at $49,000. Ameritas Investment Partners Inc. acquired a new stake in Serve Robotics in the second quarter valued at $55,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Serve Robotics by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company's stock valued at $73,000 after buying an additional 1,545 shares in the last quarter.

About Serve Robotics

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.

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